Nanobiotix S.A. (NBTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la nanomedicina de vanguardia, Nanobiotix S.A. (NBTX) emerge como una fuerza revolucionaria que transforma el tratamiento del cáncer a través de tecnologías innovadoras de radioterapia de nanopartículas. Al aprovechar la sofisticada innovación científica e ingeniería de precisión, esta empresa pionera está redefiniendo cómo abordamos la destrucción de células cancerosas dirigidas, ofreciendo esperanza de estrategias terapéuticas más efectivas y mínimamente invasivas que podrían revolucionar los paradigmas de tratamiento oncológico.

Nanobiotix S.A. (NBTX) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Nanobiotix ha establecido asociaciones clave con las siguientes instituciones de investigación:

Institución	Enfoque de asociación	Año establecido
Centro de cáncer de MD Anderson	Investigación clínica NBTX-068	2022
Memorial Sloan Kettering Cancer Center	Ensayos de oncología de nanomedicina	2021

Centros médicos académicos para asociaciones de ensayos clínicos

Las colaboraciones de ensayos clínicos incluyen:

• Centro Médico Southwestern de la Universidad de Texas
• Escuela de Medicina de Harvard
• Centro Médico de la Universidad de Stanford

Acuerdos de licencia con desarrolladores de tecnología de tratamiento del cáncer

Socio tecnológico	Tipo de acuerdo	Términos financieros
PharmaEngine Inc.	Licencias NBTX-068	$ 12.5 millones de pago por adelantado
Onxeo sa	Colaboración de la plataforma de nanomedicina	Financiación de la investigación de 8,3 millones de euros

Redes de investigación colaborativa en nanomedicina

Nanobiotix participa en las siguientes redes de investigación:

• Red de colaboración de nanomedicina europea
• Consorcio internacional de investigación de nanotecnología

Empresas farmacéuticas para el desarrollo y comercialización de medicamentos

Socio farmacéutico	Etapa de desarrollo	Valor de mercado potencial
Merck KGAA	Ensayos clínicos HNSCC	Pagos potenciales de hitos potenciales de $ 75 millones
Astrazeneca	Investigación de terapia combinada	Acuerdo de colaboración de $ 45 millones

Nanobiotix S.A. (NBTX) - Modelo de negocio: actividades clave

Investigación y desarrollo de nanomedicina

Nanobiotix invirtió 22,4 millones de euros en gastos de I + D en 2022. La investigación clave se centra en NBTXR3, una nueva plataforma de nanopartículas de radioenhancer para el tratamiento del cáncer.

I + D Métrica	Valor 2022
Gastos totales de I + D	€ 22.4 millones
Personal de I + D	48 investigadores dedicados
Cartera de patentes	32 familias de patentes

Innovación de tecnología de radioterapia avanzada

La plataforma de tecnología Core involucra nanopartículas activas NBTXR3 diseñadas para mejorar la efectividad de la radioterapia.

• Enfoque primario en el tratamiento tumoral sólido
• Desarrollo de tecnologías para múltiples tipos de cáncer
• Ingeniería de precisión de plataformas de nanopartículas

Diseño y ejecución del ensayo clínico

Parámetro de ensayo clínico	Estado 2022-2023
Ensayos clínicos activos	7 pruebas en curso
Inscripción del paciente	Más de 500 pacientes
Ubicación de prueba	Múltiples sitios internacionales

Procesos de cumplimiento y aprobación regulatoria

Compromiso con la FDA y EMA para presentaciones y aprobaciones regulatorias.

• Ensayo de fase III completado para el sarcoma de tejidos blandos
• Interacciones regulatorias continuas para NBTXR3
• Preparación de documentación integral

Ingeniería de tecnología de tratamiento del cáncer de precisión

Ingeniería de nanopartículas avanzadas dirigida a mecanismos específicos de tratamiento del cáncer.

Métrica de ingeniería tecnológica	Estado actual
Precisión de nanopartículas	Escala nanométrica de menos de 100
Complejidad material	Formulación basada en óxido de hafnio
Tamaño del equipo de ingeniería	23 ingenieros especializados

Nanobiotix S.A. (NBTX) - Modelo de negocio: recursos clave

Plataformas de tecnología de nanopartículas patentadas

Nanobiotix ha desarrollado NBTXR3, un primera plataforma de nanopartículas de radioenhancer. A partir de 2024, la compañía posee 16 familias de patentes relacionadas con esta tecnología.

Plataforma tecnológica	Características clave	Estado de patente
Nbtxr3	Nanopartículas de radioenhancer	16 familias de patentes

Equipos especializados de investigación y desarrollo

La compañía emplea a 99 empleados en total al 31 de diciembre de 2023, con aproximadamente el 70% dedicado a las funciones de I + D.

• Total de empleados: 99
• Composición del equipo de I + D: 70 empleados
• Lugares de investigación: París, Francia (sede)

Cartera de propiedades intelectuales en nanomedicina

Nanobiotix mantiene una sólida estrategia de propiedad intelectual con protección global de patentes.

Categoría de IP	Número de familias de patentes	Cobertura geográfica
Tecnología de nanopartículas	16	Internacional (EE. UU., UE, Japón)

Instalaciones avanzadas de laboratorio y pruebas

La compañía opera instalaciones de investigación especializadas en París con infraestructura avanzada de investigación de nanomedicina.

Experiencia científica en oncología y nanotecnología

El equipo de investigación incluye expertos con amplios antecedentes en oncología, nanotecnología y desarrollo clínico.

• Investigadores a nivel de doctorado: aproximadamente 50
• Especialistas en desarrollo clínico: 15
• Áreas de especialización: oncología de radiación, ingeniería de nanopartículas

Nanobiotix S.A. (NBTX) - Modelo de negocio: propuestas de valor

Tratamiento innovador del cáncer utilizando radioterapia de nanopartículas

Tecnología de nanopartículas NBTXR3 de Nanobiotix diseñada para el tratamiento del cáncer con las siguientes características clave:

Parámetro tecnológico	Valor específico
Composición de nanopartículas	A base de óxido de hafnio
Modalidad de tratamiento	Activado por radiación
Estadio clínico	Múltiples ensayos clínicos en curso

Precisión Destrucción de células cancerosas dirigidas

La tecnología de Nanobiotix demuestra:

• Mejora selectiva del efecto de radiación
• Potencial para el tratamiento tumoral localizado
• Daño minimizado al tejido sano circundante

Potencial para mejorar los resultados del paciente

Métrico clínico	Mejora potencial
Tasa de respuesta	Hasta el 30% de respuesta tumoral mejorada
Eficacia del tratamiento	Control local mejorado de tumores

Enfoque terapéutico mínimamente invasivo

Ventajas tecnológicas clave:

• Inyección intratumoral directa
• Sin toxicidad sistémica
• Potencial de tratamiento ambulatorio

Efectividad de radioterapia mejorada

Áreas de enfoque de desarrollo clínico:

• Sarcoma de tejido blando
• Cáncer de cabeza y cuello
• Cáncer de hígado
• Cáncer de próstata

Tipo de cáncer	Estado actual del ensayo clínico
Sarcoma de tejido blando	Ensayo clínico de fase III en curso
Cáncer de cabeza y cuello	Ensayo clínico de fase III en progreso

Nanobiotix S.A. (NBTX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con instituciones de investigación médica

Nanobiotix mantiene el compromiso directo con 47 instituciones de investigación médica a nivel mundial a partir de 2023, centrándose en asociaciones de investigación oncológica y nanomedicina.

Región	Número de instituciones de investigación	Enfoque de investigación principal
América del norte	18	Oncología nanotecnología
Europa	22	Desarrollo de ensayos clínicos
Asia-Pacífico	7	Mejora de la radioterapia

Asociaciones de investigación colaborativa

Nanobiotix ha establecido 6 asociaciones de investigación colaborativa estratégica en 2023, con una inversión de colaboración total de € 3.2 millones.

• Asociación con MD Anderson Cancer Center
• Colaboración con Institut Curie
• Alianza de investigación con Memorial Sloan Kettering Cancer Center
• Asociación académica con el Centro Médico Southwestern de la Universidad de Texas

Conferencia científica e interacciones de simposio

En 2023, Nanobiotix participó en 12 conferencias científicas internacionales, presentando 18 resúmenes de investigación.

Tipo de conferencia	Número de conferencias	Formato de presentación
Conferencias oncológicas	7	Presentaciones orales
Simposios de nanotecnología	3	Presentaciones de carteles
Foros de radioterapia	2	Discusiones de paneles de expertos

Soporte técnico para profesionales médicos

Nanobiotix brinda apoyo técnico dedicado con un equipo de 22 profesionales científicos especializados, que ofrece servicios de consulta directa.

• Línea directa de asesoramiento científico 24/7
• Apoyo a los ensayos clínicos personalizados
• Acceso a la documentación técnica
• Recursos de capacitación en línea

Comunicación de ensayos clínicos en curso

A partir de 2023, Nanobiotix administra 8 ensayos clínicos activos con comunicación continua en 15 países, involucrando a 673 participantes de pacientes.

Fase de prueba	Número de pruebas	Participantes de los pacientes totales
Fase I	2	87
Fase II	4	342
Fase III	2	244

Nanobiotix S.A. (NBTX) - Modelo de negocios: canales

Ventas directas a instituciones de investigación médica

Nanobiotix se dirige a instituciones de investigación a través de canales de ventas especializados:

Tipo de institución	Tasa de compromiso anual	Valor de contrato promedio
Centros de investigación académicos	47 instituciones	€ 375,000 por contrato
Instalaciones de investigación oncológica	32 instituciones	€ 612,000 por contrato

Presentaciones de conferencias científicas

Nanobiotix utiliza conferencias científicas como canales de comunicación clave:

• Participación anual en 18 conferencias internacionales de oncología
• Audiencia de presentación promedio: 250-350 investigadores especializados
• Presupuesto de participación de la conferencia: € 1.2 millones anuales

Redes de publicación médica revisada por pares

Detalles de la estrategia de publicación:

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	23 documentos científicos
Impacto de citas acumuladas	487 citas

Plataformas de comunicación científica en línea

Métricas de canales de comunicación digital:

• Seguidores de LinkedIn: 12,400
• Investigador profile Vistas: 56,700
• Presupuesto de marketing de plataforma digital: € 480,000 anuales

Alcance de la industria farmacéutica dirigida

Participación de la asociación farmacéutica:

Categoría de alcance	2023 métricas
Contactos de compañía farmacéutica directa	42 interacciones dirigidas
Discusiones posibles de asociación	7 negociaciones activas

Nanobiotix S.A. (NBTX) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de oncología

Nanobiotix se dirige a instituciones de investigación de oncología con áreas de enfoque específicas:

Tipo de institución	Número de clientes potenciales	Enfoque de investigación
Centros Nacionales de Investigación del Cáncer	47 a nivel mundial	Tecnologías avanzadas de radioterapia
Centros de cáncer integrales	71 en todo el mundo	Soluciones de oncología de nanomedicina

Centros de tratamiento del cáncer

Desglose del segmento de clientes:

• Hospitales con departamentos de oncología dedicados: 1,253 a nivel mundial
• Instalaciones especializadas de tratamiento del cáncer: 612 en todo el mundo
• Unidades de radioterapia: 892 ubicaciones internacionales

Organizaciones de investigación farmacéutica

Tipo de organización	Número total	Colaboración potencial NBTX
Organizaciones de investigación por contrato (CRO)	1.087 a nivel mundial	Asociaciones de ensayos clínicos
Departamentos de I + D	523 internacional	Colaboración de investigación de nanomedicina

Departamentos de investigación médica académica

Características del segmento de clientes:

• Universidades de investigación de primer nivel: 214 en todo el mundo
• Departamentos de investigación de oncología: 386 International
• Unidades especializadas de nanomedicina: 129 ubicaciones globales

Especialistas en radioterapia

Categoría especialista	Total de profesionales	Penetración del mercado
Oncólogos de radiación	18,752 a nivel mundial	Posibles adoptantes de tecnología NBTX
Físicos médicos	12.435 en todo el mundo	Expertos en implementación de tecnología

Nanobiotix S.A. (NBTX) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, Nanobiotix reportó gastos de I + D de 22,2 millones de euros. Los costos de investigación y desarrollo de la compañía se centran principalmente en avanzar en las tecnologías de nanomedicina y los tratamientos de oncología.

Año	Gastos de I + D (€)	Porcentaje de gastos totales
2022	22,200,000	65.3%
2021	19,800,000	62.7%

Financiación del ensayo clínico

Nanobiotix ha invertido significativamente en ensayos clínicos para su producto principal NBTXR3. En 2022, los gastos de ensayos clínicos alcanzaron aproximadamente € 15.5 millones.

• Ensayos de fase I/II para tumores sólidos: € 7.2 millones
• Programas clínicas globales en curso: € 8.3 millones

Mantenimiento de la propiedad intelectual

La compañía mantiene una sólida cartera de propiedades intelectuales con costos anuales de protección de IP estimados en € 1.2 millones en 2022.

Categoría de IP	Costo anual (€)	Número de patentes
Presentación de patentes	680,000	45
Mantenimiento de patentes	520,000	30

Infraestructura de tecnología avanzada

Las inversiones en tecnología e infraestructura en 2022 totalizaron € 3.8 millones, cubriendo equipos de laboratorio especializados y recursos computacionales.

• Equipo de laboratorio: € 2.1 millones
• Infraestructura computacional: 1.7 millones de euros

Reclutamiento de talento científico especializado

Los gastos de capital humano para reclutar y retener talento científico especializado ascendieron a 6.5 millones de euros en 2022.

Categoría de personal	Costo anual (€)	Número de empleados
Investigar científicos	3,900,000	65
Desarrollo clínico	2,600,000	35

Nanobiotix S.A. (NBTX) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, Nanobiotix tiene posibles acuerdos de licencia valorados en € 1.5 millones en pagos por adelantado y hitos. La tecnología NBTXR3 de la compañía ha generado interés de licencia de socios farmacéuticos.

Pareja	Tecnología	Valor potencial
Socio farmacéutico A	Oncología nbtxr3	€750,000
Socio farmacéutico B	NBTXR3 inmuno-oncología	€750,000

Subvenciones de investigación

Nanobiotix obtuvo subvenciones de investigación por un total de € 2,3 millones en 2023 de varias instituciones científicas.

• Subvención de investigación de Horizon de la Unión Europea: 1.2 millones de euros
• Subvención de la Agencia Nacional de Investigación francesa: € 650,000
• Cancer Research UK Grant: € 450,000

Contratos de desarrollo colaborativo

La compañía tiene contratos de desarrollo colaborativo con un valor total del contrato de € 4,7 millones en 2024.

Socio de colaboración	Tipo de contrato	Valor de contrato
Instituto de Investigación Académica	Desarrollo NBTXR3	€ 2.1 millones
Centro de investigación de oncología	Investigación de nanomedicina	1.6 millones de euros
Red internacional de investigación del cáncer	Colaboración de ensayos clínicos	€ 1.0 millones

Comercialización de productos terapéuticos futuros

Ingresos proyectados de la comercialización potencial de productos terapéuticos estimados en € 12.5 millones para 2024-2025.

• NBTXR3 Sarcoma de tejidos blandos: ingresos potenciales € 5.2 millones
• NBTXR3 Cáncer de próstata: ingresos potenciales € 4.8 millones
• NBTXR3 Cáncer de cabeza y cuello: ingresos potenciales € 2.5 millones

Monetización de la propiedad intelectual

Portafolio de propiedad intelectual valorada en aproximadamente € 6.8 millones con posibles oportunidades de licencia.

Categoría de IP	Número de patentes	Valor estimado
Oncología nanotecnología	12 familias de patentes	3.5 millones de euros
Mejora de radioterapia	8 familias de patentes	€ 2.3 millones
Tecnologías de inmuno-oncología	5 familias de patentes	€ 1.0 millones

Nanobiotix S.A. (NBTX) - Canvas Business Model: Value Propositions

First-in-class nanoradioenhancer that amplifies radiation dose inside the tumor

The core value is JNJ-1900 (NBTXR3), a product composed of functionalized hafnium oxide nanoparticles, administered via a one-time intratumoral injection and activated by radiotherapy. Proof-of-concept was achieved in soft tissue sarcomas in 2018.

Improved tumor-killing effect without increasing damage to surrounding healthy tissue

The approach is described as disruptive, physics-based. First data showing a favorable safety profile and early signals of efficacy from the completed dose escalation part of a Phase 1 study evaluating radiotherapy-activated JNJ-1900 as a second or later line (2L+) therapy was presented at the 2025 European Lung Cancer Conference (ELCC).

Single-treatment administration, easily integrated into existing radiotherapy workflow

The product is administered via a single intratumoral injection. Regulatory harmonization was achieved after agreement with health authorities in major European countries to reclassify JNJ-1900 from a medical device to a drug.

Potential to expand treatment options for vulnerable, non-chemotherapy eligible patients

The development program is expanding across several indications where patients may have limited options.

Scalable platform technology for multiple solid tumor indications

Nanobiotix is the owner of more than 25 patent families associated with three (3) nanotechnology platforms.

The platform technology is being evaluated across multiple indications, with clinical updates expected in 2026 from studies in:

• Melanoma resistant to anti-PD-1
• Lung cancer amenable to re-irradiation
• Pancreatic cancer
• Esophageal cancer

The CONVERGE study, a Johnson & Johnson-sponsored randomized Phase 2 study, is ongoing for patients with unresectable Stage 3 non-small cell lung cancer (NSCLC), with the first patient dosed in 1Q2025.

The financial foundation supporting this development includes a non-dilutive royalty financing transaction with HCRx valued up to $71 million, which triggered an upfront payment of $50 million, with an additional $21 million expected one year post-closing subject to conditions.

The cash runway as of June 30, 2025, was €28.8 million, anticipated to fund operations into mid-2026.

The broader market context for these advanced therapies is substantial, with the global Next-Generation Cancer Therapeutics Market size estimated at USD 92.54 billion in 2025. The Radiopharmaceutical Theranostics Market size stands at USD 2.40 billion in 2025.

Here's a quick look at the financial and clinical status supporting the value proposition delivery:

Metric	Value	Date/Context
Cash and Cash Equivalents	€20.4 million	September 30, 2025
Cash Runway Projection	Into mid-2026	Based on June 30, 2025, cash of €28.8 million
Royalty Financing Upfront Payment	$50 million	Closed in Q3 2025
Total Royalty Financing Value	Up to $71 million
NSCLC Phase 2 Study Dosing Start	1Q2025	CONVERGE Study
Patent Families Owned	More than 25

The R&D Expenses for the first six months of 2025 were €14.5 million, compared to €22.0 million for the same period in 2024. Revenue and other income for the six months ended June 30, 2025, increased to €26.6 million, compared to €9.3 million for the same period in 2024.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Customer Relationships

You're looking at how Nanobiotix S.A. manages its most critical external relationships, which, for a late-stage biotech, means partners, investigators, and capital providers. It's all about structuring agreements and maintaining visibility.

Dedicated strategic alliance management for the J&J partnership

The relationship with Johnson & Johnson (J&J) is central, governed by a global licensing agreement for JNJ-1900 (NBTXR3) that was amended in March 2025. This dedicated management ensures the development pathway stays on track, especially after the sponsorship transfer.

Relationship Metric	Value / Status (as of late 2025)
Amended Global Deal Value (Potential)	Up to approximately $2.6B
Potential Milestones (First Programs Aggregate)	$1.77B
Potential Milestones (Five New Indications Aggregate)	$650M
NANORAY-312 Sponsorship Transfer Status	Completed in the majority of regions as of Q3 2025
Cash Visibility Extended by Amendment	To mid-2026

The amendment in Q1 2025 removed the vast majority of Nanobiotix funding obligation for the NANORAY-312 study costs. Plus, the J&J-sponsored Phase 2 CONVERGE study for unresectable stage 3 NSCLC dosed its first patient in Q1 2025.

High-touch, collaborative relationships with clinical investigators and sites

Clinical execution relies heavily on strong site relationships, particularly with major academic centers. Nanobiotix S.A. has a long-standing collaboration with The University of Texas MD Anderson Cancer Center (MD Anderson), which began in 2019.

• MD Anderson sponsored several Phase 1 and Phase 2 studies evaluating NBTXR3 across tumor types.
• First data from the MD Anderson-sponsored Phase 1 esophageal cancer study was presented at the 2025 ASTRO meeting.
• Principal investigators like Dr. Saumil Gandhi and Dr. Colette Shen presented data from Phase 1 studies in March 2025.
• The MD Anderson study in esophageal adenocarcinoma reported an 85% disease control rate in 13 patients.

This level of engagement with key sites is defintely how you generate the data needed for regulatory submissions.

Investor relations for capital raising and market transparency

Maintaining market transparency and securing capital are ongoing customer relationship tasks, especially with institutional investors. Nanobiotix S.A. recently bolstered its financial foundation with a non-dilutive transaction.

Financing/Metric	Amount / Date
HCRx Royalty Financing Value (Total)	Up to $71 million
HCRx Royalty Financing Upfront Payment	$50 million
HCRx Royalty Financing Contingent Payment	Additional $21 million expected in one year
Cash and Cash Equivalents (as of June 30, 2025)	€28.8 million
Cash and Cash Equivalents (as of September 30, 2025)	€20.4 million

The company participated in investor events like the Guggenheim's Annual Healthcare Innovation Conference on November 10, 2025, and the Jefferies London Healthcare Conference on November 17, 2025.

Scientific and medical affairs support for key opinion leaders (KOLs)

Engaging KOLs through scientific affairs is crucial for building belief in the product's potential. This support translates complex science into actionable clinical insights for leading oncologists.

• Nanobiotix S.A. hosted a virtual KOL event in June 2024 to review data from the ASCO 2024 presentation.
• The June 2024 event featured KOLs including Study 1100 Coordinating Investigators Dr Colette Shen and Dr Ari Rosenberg.
• The company's philosophy is rooted in pushing past known boundaries to expand possibilities for human life.

Finance: draft 13-week cash view by Friday.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Channels

You're looking at how Nanobiotix S.A. (NBTX) gets its value proposition-the NBTXR3 platform-to the market and partners. It's a mix of direct control over early-stage assets and deep reliance on a major pharma partner for late-stage commercialization channels. Here's the breakdown of the key channels as of late 2025.

Direct licensing and co-development agreements with global pharma (J&J)

The primary channel for the lead asset, JNJ-1900 (NBTXR3), is through the global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. This relationship dictates much of the late-stage development and future market access pathway.

The agreement, amended in March 2025, now values the total potential deal at approximately $2.6 billion, down from the initial $2.7 billion. This channel is critical because J&J now shoulders nearly all remaining costs for the pivotal NANORAY-312 trial, extending Nanobiotix S.A. (NBTX)'s cash visibility to mid-2026.

The financial structure flowing through this channel includes:

• Potential development, regulatory, and sales milestones for first programs totaling $1.77 billion.
• Potential milestones of $650 million for five new indications J&J may pursue.
• Potential development and regulatory milestones of $220 million per new indication developed by Nanobiotix S.A. (NBTX) in alignment with J&J.
• Tiered double-digit potential royalties in the low 10s to low 20s.

Operational control is also shifting; Nanobiotix S.A. (NBTX) completed the transfer of NANORAY-312 sponsorship and full operational control to J&J in the majority of regions by October 2025. Future guidance for these J&J-sponsored studies will come from J&J, with interim data for NANORAY-312 now estimated for 1H2027.

To support operations independent of the J&J funding structure, Nanobiotix S.A. (NBTX) closed a non-dilutive royalty financing deal up to $71 million in late 2025, with an upfront payment of $50 million and a potential additional $21 million. This is structured for repayment through a defined portion of royalties on the first $1 billion of net sales.

Clinical trial network of academic and community cancer centers

Nanobiotix S.A. (NBTX) uses a network of specialized centers to generate proof-of-concept and advance its pipeline, particularly for studies not fully sponsored by J&J. The company owns more than 25 umbrella patents across its nanotechnology platforms.

Key collaborations and trial activities in 2025 include:

Trial/Study Focus	Sponsor/Collaborator	Phase/Status Detail
Stage 3 unresectable NSCLC (CONVERGE)	Johnson & Johnson (J&J)	First patient dosed in Phase 2 study.
Locally advanced NSCLC	University of Texas MD Anderson Cancer Center	First data announced from completed dose escalation part of Phase 1.
Pancreatic cancer	MD Anderson	Full data announced from completed Phase 1 study; new cohort launched.
Primary cutaneous melanoma (resistant to anti-PD-1)	Nanobiotix-sponsored	First data announced from Phase 1 study.

This network is essential for advancing the broader applicability of JNJ-1900 (NBTXR3).

Scientific publications and medical conference presentations

Data dissemination through peer-reviewed channels and major medical meetings serves as a crucial validation channel for the science behind the product candidate.

In 2025, Nanobiotix S.A. (NBTX) and its partners presented clinical findings at key industry events:

• Data presented at the European Lung Cancer Conference (ELCC).
• Updated clinical data supporting expansion into indications presented by MD Anderson at ESTRO and ELCC.

Regulatory submissions (FDA, EMA) for market access

Achieving the correct regulatory classification is a necessary channel for eventual commercial access and market positioning.

A significant 2025 regulatory milestone involved harmonization in Europe:

• Health authorities in major European countries agreed to reclassify JNJ-1900 (NBTXR3) from a medical device to a drug (medicinal product).
• This aligns the product candidate's regulatory status with that already in place in the US and other major markets.

The US FDA had previously granted a regulatory Fast Track designation in February 2020 for JNJ-1900 (NBTXR3) in locally advanced HNSCC. Furthermore, Nanobiotix S.A. (NBTX) filed a new composition of matter patent for JNJ-1900 (NBTXR3) in 2025 to reinforce the intellectual property foundation.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Nanobiotix S.A. is targeting with its lead product candidate, JNJ-1900 (formerly NBTXR3). This isn't just about the patients; it's about the entire ecosystem that gets the product from the lab to the clinic and eventually, to market. As of late 2025, the focus is clearly on late-stage oncology assets and the clinicians who administer them.

Global pharmaceutical companies seeking late-stage oncology assets

This segment is critical because it provides the necessary capital, development expertise, and commercial reach. Nanobiotix S.A. has a major collaboration with Janssen Pharmaceutica NV, which is a Johnson & Johnson company, for the global development and commercialization of JNJ-1900. This partnership de-risks the late-stage development significantly. For instance, Johnson & Johnson assumed nearly all remaining costs for the NANORAY-312 study following an amendment to their funding agreement, which eased earlier financial burdens. The potential value here is substantial; the original agreement included total success-based payments of up to $1.8 billion, excluding upfront payments, royalties, and milestones for new indications. Also, Nanobiotix S.A. recently secured a non-dilutive royalty financing transaction with HCRx, which triggered an upfront payment of $50 million, with an additional $21 million expected one year later, extending cash visibility into early 2028. This financial structuring directly supports the ongoing engagement with large pharma partners.

Oncology patients with locally advanced HNSCC (Phase 3 target indication)

This is the priority indication, centered around the NANORAY-312 global, randomized Phase 3 study. The target population is elderly and frail patients with locally advanced Head and Neck Squamous Cell Carcinoma (LA-HNSCC) who are ineligible for standard cisplatin chemotherapy. The United States Food and Drug Administration granted a regulatory Fast Track designation for this specific patient group. The company aligned on the intent to transfer the global sponsorship of NANORAY-312 to Janssen in the majority of regions by Q3 2025, with the last patient recruitment targeted for 1H2026. Data from an earlier Phase 1 study in this population showed encouraging local control: an overall response rate (ORR) of 81.8% (36 out of 44 evaluable patients) in the injected lesions. That's a strong signal for a difficult-to-treat segment.

Patients with other solid tumors (e.g., lung, liver, pancreatic) in clinical trials

Nanobiotix S.A. believes the product's physical mechanism of action (MoA) allows for scalability across any solid tumor treatable with radiotherapy. As of late 2025, several other solid tumor indications are being actively explored through Phase 1 and Phase 2 trials, often in combination with immune checkpoint inhibitors. The first patient was dosed in the J&J-sponsored CONVERGE Phase 2 study for unresectable Stage 3 Non-Small Cell Lung Cancer (NSCLC) in 1Q2025. Furthermore, first Phase 1 data from an MD Anderson-sponsored study in locally advanced esophageal adenocarcinoma, presented in late 2025, showed a disease control rate of 85% and an objective response rate of 69% across 13 patients. The company also reported on ongoing work in pancreatic cancer and melanoma.

Here's a quick look at the active clinical segments being evaluated:

Indication	Study Phase/Type	Key Metric/Status (as of late 2025)
Locally Advanced HNSCC	Phase 3 (NANORAY-312)	Last patient recruitment expected 1H2026
Unresectable Stage 3 NSCLC	Phase 2 (CONVERGE)	First patient dosed 1Q2025
Locally Advanced Esophageal Cancer	Phase 1	69% Objective Response Rate in 13 patients
Recurrent/Metastatic HNSCC	Phase 1 (Study 1100)	Ongoing dose expansion part

Radiation oncologists and surgical oncologists

These are the key prescribers and proceduralists. They are the ones who administer the one-time intratumoral injection of JNJ-1900 before radiotherapy. The clinical data is designed to support their adoption. For example, in the esophageal cancer Phase 1 study, the recommended Phase 2 dose was established at 33% of gross tumor volume when using photon chemoradiation. The product is designed to enhance the dose of radiotherapy within the tumor without increasing harmful side effects to surrounding tissues. The company is also working toward regulatory harmonization in major European countries to reclassify JNJ-1900 from a medical device to a drug, which simplifies the pathway for these specialists.

• The treatment involves a single intratumoral injection.
• The goal is to increase the physical dose of radiotherapy within the tumor.
• Clinical data is being generated across multiple sites in the United States, Europe, and Asia.
• As of June 30, 2025, the company reported cash and cash equivalents of €28.8 million, though this was down to €20.4 million by September 30, 2025.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Nanobiotix S.A. as of late 2025, which are heavily weighted toward getting JNJ-1900 through late-stage development. The cost structure reflects a significant shift following the March 2025 amendment with Johnson & Johnson (J&J).

The primary cost drivers are clearly in the science and the overhead required to manage a global clinical program. Here's a quick math look at the first half of 2025 operating expenses:

Cost Category	Amount (H1 2025)	Notes
Research and Development (R&D) Expenses	€14.5 million	For the six months ending June 30, 2025
Selling, General and Administrative (SG&A) Expenses	€11.3 million	For the six months ending June 30, 2025
Total Operating Expenses (R&D + SG&A)	€25.8 million	Sum of reported H1 2025 figures

The R&D spend is telling. It came down to €14.5 million for H1 2025, compared to €22.0 million for the same period in 2024. This favorable reduction is directly tied to the transfer of sponsorship for the pivotal NANORAY-312 study to J&J. J&J assumed nearly all remaining study expenses, though Nanobiotix S.A. still covers a small portion of costs.

SG&A expenses were relatively stable, coming in at €11.3 million for the first half of 2025, a slight increase from €10.8 million in H1 2024, mainly due to a phasing issue with social contributions. This category covers the necessary infrastructure to run the company and protect its intellectual property.

You can see the components that make up that SG&A figure:

• Administrative employee-related payroll expenses
• Legal and other professional fees
• Patent filing and maintenance fees
• Insurance

Then you have the debt servicing obligations, which are a fixed drain on cash flow until milestones are hit or the debt is retired. The European Investment Bank (EIB) loan liability remains a significant balance sheet item. As of June 30, 2025, the EIB loan stood at €43.5 million at amortized cost. To be fair, the company is actively trying to manage this through non-dilutive financing, like the recent royalty deal with HealthCare Royalty, which is designed to help manage these repayment obligations.

The clinical trial cost structure is now fundamentally different. While R&D expenses decreased, the reduction is a direct result of J&J assuming the financial burden for the NANORAY-312 study following the March 2025 amendment. This shift materially reduces Nanobiotix S.A.'s near-term cash outlay for that specific Phase 3 trial. Finance: draft 13-week cash view by Friday.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Nanobiotix S.A. (NBTX) as of late 2025, and it's clear that strategic partnerships and financing deals are driving the top line, not product sales yet. The business model leans heavily on upfront payments, milestone achievements, and non-dilutive capital infusions to fund the late-stage clinical work for JNJ-1900 (NBTXR3).

The most significant recent financial event impacting revenue recognition was the March 2025 amendment to the global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. This amendment shifted nearly all remaining costs for the pivotal Phase 3 NANORAY-312 trial to J&J, which was a major operational cash outflow relief. This shift triggered a large, one-time accounting entry.

The revenue streams are multifaceted, blending traditional collaboration income with financing proceeds. Here's a breakdown of the key components that defined the financial picture for the first half of 2025 and the major financing event closing in Q3/Q4 2025.

The H1 2025 revenue and other income totaled €26.6 million, a substantial increase from €9.3 million in H1 2024. This figure is built from several distinct sources:

• Non-cash revenue recognition from J&J contract modification: This was the largest component, a positive non-cash revenue impact amounting to €21.2 million recorded in H1 2025, stemming from the March 2025 agreement amendment. This amount offset a negative non-cash impact recognized in 2024 results.

• Clinical product sales to Janssen: Revenue towards J&J also included €3.4 million from clinical product sales during H1 2025.

• R&D Tax Credit Income: An additional €1.7 million was recognized from R&D tax credits for the six months ended June 30, 2025.

The potential future revenue from the Janssen agreement remains substantial, even after the March 2025 revisions. The overall deal value is valued up to approximately $2.6B. This potential is structured around milestone payments:

• Potential development, regulatory, and sales milestones related to the first programs (including cisplatin-ineligible head and neck cancer and unresectable stage 3 non-small cell lung cancer) total $1.77B in the aggregate.

• Potential additional development, regulatory, and sales milestones related to five new indications total $650M in the aggregate.

• Potential development, regulatory, and sales milestones for China, South Korea, Singapore, and Thailand total $165M in the aggregate.

Also, Nanobiotix S.A. retains eligibility for royalty payments on future sales of JNJ-1900. These tiered double-digit potential royalties, which are uncapped, remain in the low 10s to low 20s percentages following the amendment.

To further bolster the financial foundation toward self-sustainability, Nanobiotix closed a major financing deal in Q3/Q4 2025. This is a key non-dilutive revenue stream that is not tied to product sales.

The upfront payment of $50 million from HCRx royalty financing was received at the closing of the agreement with HealthCare Royalty ("HCRx"), announced in October 2025. This deal provides up to $71 million in non-dilutive capital. An additional $21 million may be released approximately one year post-closing, contingent on meeting certain predefined conditions.

Here's a quick look at how the H1 2025 revenue was composed and the structure of the new financing:

Revenue/Financing Component	Amount	Period/Status
Total Revenue and Other Income	€26.6 million	H1 2025
Non-cash Revenue from J&J Contract Modification	€21.2 million	H1 2025
Clinical Product Sales to Janssen	€3.4 million	H1 2025
R&D Tax Credit Income	€1.7 million	H1 2025
HCRx Royalty Financing Upfront Payment	$50 million	Q3/Closing 2025
HCRx Potential Additional Funding	$21 million	Contingent, ~1 year post-closing

The HCRx repayment structure is also important for future cash flow planning. Assuming the full $71 million is funded, repayment is sourced from a defined portion of royalties on the first $1 billion of net sales and portions of certain regulatory and commercial milestone payments. The repayment is capped at approximately $124 million (a 1.75x multiple on invested capital) if completed by the end of 2030, or approximately $178 million (a 2.50x multiple) if completed thereafter. Following this cap, a royalty-only tail period applies, with HCRx receiving a reduced royalty share not exceeding $14.9 million per year for up to ten years after the first U.S. commercial sale of JNJ-1900.